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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bellewood Park Apartments, located in Nashville-Davidson metropolitan government, Tennessee, features one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 10 units, with one designated as a low-income unit. Based on the 2022 population of 622 and the national average household size of 2.61, the estimated housing inventory for the neighborhood is approximately 238 units. The LIHTC funded affordable housing accounts for about 4.2% of the estimated housing inventory in the neighborhood.
The LIHTC project in Bellewood Park Apartments received $500,000 in tax credits, resulting in an average federal funding of $50,000 per unit. Completed in 2000, this project marks the introduction of LIHTC-funded affordable housing in the area. The development consists of 2 one-bedroom units, 5 two-bedroom units, and 3 three-bedroom units, offering a range of housing options for various household sizes.
Over the past decade, the neighborhood has experienced population fluctuations, with an increase from 440 in 2020 to 622 in 2022. The median income has also shown significant changes, rising from $10,000 in 2018 to $25,601 in 2020, before decreasing to $14,958 in 2022. These income variations may indicate changing economic conditions in the neighborhood.
Racial demographics in Bellewood Park Apartments have shifted considerably in recent years. The Black population decreased from 62% in 2019 to 21% in 2022, while the White population increased from 26% to 63% during the same period. The Asian population also experienced a slight increase from 0% to 7%. These demographic changes could potentially influence future affordable housing needs in the neighborhood.
In summary, Bellewood Park Apartments has a single LIHTC-funded affordable housing project that provides 10 units, covering approximately 4.2% of the estimated housing inventory. The project, completed in 2000, received significant federal funding per unit. The neighborhood has experienced notable demographic shifts in recent years, including population growth, income fluctuations, and changes in racial composition. These trends may impact future affordable housing needs and development in the area.